Salve Regina University purchases Pennfield School in leaseback agreement for $3.4M

THE PENNFIELD SCHOOL in Portsmouth was purchased by Salve Regina University as part of a sale and leaseback agreement for $3.4 million. / COURTESY THE PENNFIELD SCHOOL
THE PENNFIELD SCHOOL property in Portsmouth was purchased by Salve Regina University as part of a sale and leaseback agreement for $3.4 million. / COURTESY THE PENNFIELD SCHOOL
PORTSMOUTH – Salve Regina University announced Friday that it has reached a long-term sale and leaseback agreement with The Pennfield School, where the university has purchased the Pre-K-8 private school’s 19 acres of buildings and grounds for $3.4 million. The purchase, which closed June 29, will provide Salve with asset and stable cash flows, as…

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